Explore your options! Business decisions can be the difference between failure and success. It is critical to the success of any business to make informed decisions. Taking action as an entrepreneur is great, but making informed decisions is even greater.

Many people have hired us for web design, because they did not know anyone else who did it. However, in some of those cases we were not the best option for them, because we were either too expensive for what they wanted, or we did not cater to the type of website design they were looking for.

Small businesses do not have time or funds to hire people. They do not spend the time interviewing multiple people; they will often hire the first person that comes through their door. But it is vital to have options and to make informed decisions.

At the beginning phases of my business I did not make many informed decisions. I chose the first option that came to me. However, I was lucky with the first person I hired because he worked out great. Nonetheless, I wasn’t able to pay him very well, so he did not stick around. I continued following that same hiring process, but I ended up with a bunch of losers, which cost valuable time, energy, and effort. Had I taken the time to do the interview process fully and completely, I would have saved myself a lot of time in the long run and I would have been much happier.

That one business decision allowed her to lower her price point so she could reach more customers and increased her profit margin so she could make more money on the cakes she was selling.

An added bonus of exploring your options and talking to other people is that you become a more informed decision maker, you get a better understanding of what you are looking for, what you are not looking for, what fits best for your business, you get ideas on ways to improve and enhance your business, and you get to see what your competition is doing.

Another added bonus are negotiating points, not only will it help you a better understanding but it will also give you very valuable negotiating techniques with the companies you are doing business with, because you will understand what it costs, what it takes, so it will help your bottom line as a business.

It is important to explore your options. With major business decisions it is always important to give yourself an opportunity to analyze the effectiveness each option will bring you. In the long run, making effective business decisions from the options available to you could save you thousands of dollars and even save your business. Never overlook the importance of making informed business decisions.

Kim Nelson is the owner of I Love Daisy Cakes. She cooks and mails some of the most delicious cakes all over the country. She appeared on Shark Tank and struck a great deal with Barbara Corcoran and has never looked back. Learn how she was able to take sales from 2,000 in 2010 to 25,000 in 2012.

Kim Nelson knew early on that baking was her “God-given talent.” She started at an early age and made some wise business decisions on her way to her appearance on Shark Tank at the end of 2010.

While in the Shark Tank, Kim asked for $50,000 for 20% of her business and struck a deal with Barbara Corcoran for exactly what she asked for.

She’s worked hard to build her business and took her cake sales from 2,000 in 2010 to more than 25,000 in 2012.

Her biggest mistake in business was not looking into all available options when it came to shipping her cakes across the United States. She recently switched shipping options and has found it much more convenient for her business.

She advocates people pursuing their passions and advices those interested in baking to go for it.

Her cakes have appeared on the Nate Berkus show and with Anderson Cooper and has been creating opportunities with celebrities because her cakes taste so good.

Kim Nelson from Daisy Cakes

Takeaway: Explore Your Options

Many business owners are very good at taking action to accomplish particular goals, but sometimes it’s very important to consider all your options before making business decisions.

In Kim’s case, she had been paying more than twice as much for shipping going from $45 per shipment to $20 per shipment just by switching shipping companies. This change in value will help grow her business as she will be able to sell more for less, reaching more customers and making more customers happy.

Taking action is a good trait to have, but learn to explore all your options when making important business decisions and you will be rewarded for doing so.

Engaging Discussion Questions:

What is your “God-given talent”?

Links to Great Stuff:

I Love Daisy Cakes – Some of the greatest hand-made cakes you’ll ever have. Her cakes have sold everywhere thanks to an appearance and Shark Tank and their wonderful recommendations.

Shark Tank – The Shark Tank appears on ABC every Friday night. The sharks are entrpreneurs who invest in companies who pitch their product to the “Sharks.”

About Zeb

Passion leads to success, happiness and fulfillment. My mission in life is to inspire others and give them the tools they need to become passionate and spread their passion to others.

I have created two separate businesses, Welborn Social Media and The Tutoring Solution. My sister and I started Welborn Social Media in June 2011 and have helped numerous companies share their passion in order to grow their business. The Tutoring Solution gives me the opportunity to promote learning, education and instill passion in our students. We have tutored students all across Southern California.

Other activities I enjoy include playing soccer with my brother, bowling with my family, training for triathlons, and going on bucket-list dates with my fiancé.